Today's Curious Capitalist discusses how, with oil so expensive, gas station operators are working with razor thin margins (5c/gallon). He also says, "A recent survey by NACS found that 29% of people would drive 10 minutes out of their way to save 3 cents on a gallon of gas." Ok, fair enough, people want to save their hard earned cash. But this strikes me as an incredibly irrational way of "saving" money.
Using simple math we can see that in no way does anyone with a car actually "save" money. (I must assume that you are making at least minimum wage to own a car...if you don't this country is in bigger trouble than we thought). With the current New York state minimum wage set at $7.15 ten minutes of life costs you $1.19. Assuming a relatively average fill-up of 15 gallons, saving 3c/gallon only conserves 45c. In fact, if you get 20mpg on your way to the gas station you spend 45c on the trip's gas alone.
Again, if you travel ten minutes to a new gas station and work for minimum wage, you have spent $1.19 of life to save 44c. All in (gas spent and opportunity cost) you have wasted $1.19 of your life AND 45c in gas for a grand expenditure of $1.54...all to save 44c. Net-net you spend $1.20 for the privilege of sitting in more traffic. Of course, that's assuming you only make minimum wage--if you make more you spend more. Completely irrational.
Of course, the whole idea of Gas Hunting never made much sense to me anyways.
This can be simply explained by the fact that we use mental accounting to separate our costs from our benefits, and we rarely actually incorporate them into one well.
Great point and when you consider that most people are getting some of the worse mileage when driving stop light to stop light looking for gas, they would be better served in buying premium at the nearest station and saving the time.
So what do a couple of young Rock Stars like yourselves drive? We all know about my old beaters...
Peace,
~SEG
Posted by: Stupid Equity Guy | April 24, 2008 at 08:10 PM
In the same vein, how bout the people who drive for 20 minutes in parking lots looking for a spot 50 feet closer. No wonder people are broke and poor. Nothing really astounds me anymore.
That's why I drive when we go anywhere: park far from the poors, keeps us thin, and the chariot remains smooth.
Posted by: Nominate me | April 25, 2008 at 10:52 AM
Nominate Me,
Well Said Sir...
We also park in the back 40 acres and hold our kids hands as we walk through the parking lot.
I am going to make a personal comment...
I honestly have wondered if you were a retired wrestler with your handle... so fyi... when I see your posts, I instantly think of a Big Texan with a Belt and a wife with a whip...
Best to you and yours,
~SEG
It was a joke he had at the end of his career about saying to the camera... "nominate me" or so I remember it. Anyway... I don't actually think you are him. But I always think of them when you post.
Posted by: Stupid Equity Guy | April 26, 2008 at 01:03 AM
http://www.nytimes.com/2008/04/27/technology/27proto.html?ex=1367121600&en=49cdab902d63f30b&ei=5089&partner=rssyahoo&emc=rss
Microfiller or boozer brewer... you decide... For 10k you can make whitelighting or some E-100... mix it with a flex fuel car and you have one happy Irishman...
~SEG
Posted by: Stupid Equity Guy | April 28, 2008 at 12:35 AM
@ SEG
The kid is still in a stroller I am therefore required to stop moving cars by staring into the eyes of the driver as we hike across the lot.
My first post was on the ouster of Chuck Prince and I signed off -Nominate me (as in for the job). I was a high school wrestler, or "wrassler" if you are over the age of 60. On top of that, where I am at, while not Dallas, is a place overrun with huge belt buckles...my wife with a whip? Not unless it is my birthday.
Posted by: Nominate me | April 29, 2008 at 10:12 AM
Now I envision Nom as a 250lb bulldogger and SEG as a Teva-wearing granola... good work, SEG.
Posted by: Calgary Schmooze | April 29, 2008 at 11:11 PM
Calgary,
Yikes...lol, I don't wear Teva's (never). I am closer to the Bull Dog view (over 6 ft and over 200 pounds). I used to be a Firefighter in an earlier life. I love to find a fight where the underdog is way over matched... and wade into it tossing the expected winners out of the way... at least thats my approach in life. I personally find great pleasure in annoying bullies...
Best,
~SEG
Posted by: Stupid Equity Guy | April 30, 2008 at 12:58 PM
@ Schmooze
5'11", 180lbs...and I despise rodeos. Although, I do happen to have yearly ringside tickets to the National Finals Rodeo in Vegas. They are for sale to the highest bidder if any of you are interested.
Posted by: Nominate me | April 30, 2008 at 03:55 PM
I invariably get comped seats to the rodeo at the Calgary Stampede. There's nothing like getting loaded and scorched in 90-degree, blue-sky weather in early July on someone else's tab.
But 10 days worth is all the cowboying I can handle in a year.
Speaking of which, I should probably drop a few so I can get into my Wranglers in another 2 months.
Posted by: Calgary Schmooze | April 30, 2008 at 04:14 PM
Calgary, your July boozefest reminds me of many a trip out to Indianapolis for the Brickyard, where the sober stick out like an albino at the Apollo
Posted by: Anal_yst | April 30, 2008 at 05:27 PM
A couple of Texan buddies were up for Stampede a few years ago. They thought it was going to be like a basic State Fair. After Day 3, the comments were along the lines of "Holy fuck, you guys drink a lot! And you start early in the day too! And you don't stop!" There isn't an open hotel room for 100 miles.
I tend to be one big hurtin' unit by about day 6. Such is the price of carousing and schmoozing.
Parties have been curtailed in the last 10 years. Not many companies could keep up with the 100-odd thou per day Fracmaster was spending on providing breakfast. The general liabilities started piling up too - insurance claims, marriages breaking up, unplanned pregnancies. Total gongshow.
Posted by: Calgary Schmooze | April 30, 2008 at 06:35 PM